UDI/VANCITY HOUSING AFFORDABILITY INDEX

POWERED BY URBA N A NA LYTI C S I NC.

A F F O R DA B I L I T Y I N D E X ( R E S A L E H O M E S )
Med. price

Est. mortgage payment

Req. income for 32%

M E T R O A F F O R DA B I L I T Y

District: Outer Metro

An explanation of the definitions and assumptions used in the

index

Re-sale concrete condominiums

DEFINITIONS

The reason for the differences is the

assumption that townhouse and
single-family buyers are more likely
to be move-up buyers with equity
built up in their existing property.

MLS re-sale wood frame condominiums

ANALYTICAL
METHODS

MLS single family

Inner Metro: West Vancouver,

North Vancouver, Burnaby, New
Westminster, Richmond, South Delta,
Coquitlam, Port Moody and Port
Coquitlam.
Outer Metro: Langley, North Delta,
Surrey, White Rock, Pitt Meadows and
Maple Ridge.

Five-year fixed-rate 30-yearamortizationmortgages were used,

taking an average of the best rates at
eight banks at the time of analysis
For the first-time buyer, a 10-per-cent
down payment, which requires an
isured mortgage and a 25-year
amortization, was assumed.

PRICES

Average prices for the new home

market were collected from actively
selling, new multi-family projects in
Metro Vancouver.
Resale prices were collected from the
real estate boards of Greater Vancouver and the Fraser Valley, with median
sales for this index. There is not
enough data to track new singlefamily home prices, so only MLS
resale single-family prices are used.

OTHER ASSUMPTIONS

The affordability index assumes that

a person can afford a maximum of 32
per cent of their gross family income
to go toward mortgage payments.
Transportation costs were also
included, with estimates coming
from a 2005 Greater Vancouver
Regional District report, a Canadian
Automobile Club survey from 2012
and a 2006 Metro estimate on
commuter distances. Different
amounts are used for each area.

ASSUMED DOWN
PAYMENTS
First-time buyers:

10%

Wood-frame and concrete

condominiums:

20%

Townhouses:

30%

Single-family homes:

35%

Inner Metro

$942

$35,321

76.6%

$31,468

79.8%

$1,202

$45,067

68.4%

$2,360

$88,496

36.7%

$245,000

$839

MLS re-sale townhomes

$401,000
$848,000

Estimated monthly transportation costs (All): $498

District: Inner Metro
Re-sale concrete condominiums
$457,500

$1,567

$58,762

54.0%

$44,441

66.3%

$1,951

$73,164

46.2%

$4,035

$151,321

13.1%

MLS re-sale wood frame condominiums

$346,000

$1,185

MLS re-sale townhomes

$651,000
MLS single family
$1,450,000

Estimated monthly transportation costs (All): $383

District: Vancouver
Resale concrete condominiums
$625,000

$2,141

$80,276

34.3%

$64,221

44.5%

$3,294

$123,513

17.2%

$6,262

$234,808

3.7%

MLS re-sale wood frame condominiums

$500,000

TR AC Y S H E R L O C K / POS TM E D I A N E WS

Vancouver

$275,000

Outer Metro

Working households at or above req. income

$1,713

MLS re-sale townhomes

$1,099,000
MLS single family
$2,250,000

Estimated monthly transportation costs (All): $383

West
Van.

North
Van.

A F F O R DA B I L I T Y I N D E X ( N EW H O M E S )

Burnaby

Vancouver
proper

New
West.
Richmond

Coquitlam
Port
Moody
Port
Co.
Pitt
Meadows

Avg.
price

Avg.
$/ft2

Est. mortgage
payment

Req. income
for 32%

Working household at
or above req. income

District: Outer Metro

Maple
Ridge

New concrete condominiums

$289,072

623

$464

$990

$37,129

75.0%

$358

$1,024

$38,418

73.9%

$263

$1,319

$49,459

64.7%

$2,360

$88,496

36.7%

$1,732

$64,948

50.7%

$518

$1,494

$56,014

57.1%

$511

$1,787

$67,024

49.3%

$4,035

$151,321

13.1%

$2,990

$112,110

20.9%

$710

$2,380

$88,134

30.6%

$670

$2,530

$94,875

27.3%

$6,262

$234,808

3.7%

New wood frame condominiums

$299,111

Surrey

Avg.
size

Langley

835

New townhomes
$440,079

1,672

MLS single family

Delta

$848,000

Estimated monthly transportation costs (All): $498

District: Inner Metro
New concrete condominiums
$505,660

A F F O R DA B I L I T Y I N D E X
( 10 % D OW N PAY M E N T O N LY )

820

$617

New wood frame condominiums

$436,302

New wood-frame condominiums

District Avg. Avg. Avg. Est. mortgage Req. income Working household at
price size $/ft2
payment
for 32% or above req. income

843

New townhomes
$596,372

1,167

MLS single family

$299,111 835 $358

$1,293

$48,490

65.5%

$436,102 843 $518

$1,885

$70,698

46.9%

Estimated monthly transportation costs (All): $383

$686,176 966 $710

$2,966

$111,238

21.2%

District: Vancouver

$1,450,000

New concrete condominiums

$872,843

March 2016 wood-frame condominium re-sales

District

Med.
price

Est. mortgage
payment

Req. income
for 32%

861

$1,013

New wood frame condominiums

Working households at
or above req. income

$245,000

$1,059

$39,718

72.8%

$346,000

$1,496

$56,091

57.0%

$500,000

$2,161

$81,056

34.0%

$686,176

966

New townhomes
$844,180

1,259

MLS single family

$2,250,000

Estimated monthly transportation costs (All): $383

MAG GIE WONG / P OST MEDIA NEWS